Network18 updates authorized share capital clause at Rs 4,173.52 cr

Network18 has altered and updated the Authorized Share Capital Clause of the Memorandum of Association of the company. This is pursuant to the composite scheme of arrangement amongst e-Eighteen.com Limited and its shareholders and creditors & TV18 Broadcast Limited and its shareholders and creditors & Network18 Media and Investments Limited and its shareholders and creditors.

The new clause will be substituted in place of the existing authorised share capital clause in the Memorandum of Association.

In a letter to the bourses, Network18 stated, “The Authorised Share Capital of the Company is Rs 4,173.52 crore divided into 700 crore equity shares of face value Rs 5 each and 67.35 crore preference shares of face value Rs 10 each with power to increase and reduce the capital of the Company and to divide the shares in the capital for the time being into several classes and to attach thereto respectively such preferential, deferred, qualified or special rights, privileges or conditions as may be determined by or in accordance with the Articles of Association of the Company and to vary, modify, amalgamate, abrogate any such rights, privileges or conditions in such manner as may be for the time being provided by the Articles of Association of the Company and the legislative provisions for the time being in force.”